Part 1Trusts

Chapter 1Appointment, assumption, resignation, removal and discharge of trustees

Appointment or assumption

I14Operation of appointment or assumption as general conveyance of trust property

1

The appointment under section 1(1)(a), or assumption under section 3, of an additional trustee operates as a general conveyance of the trust property in favour, jointly, of the additional trustee and the existing trustees.

2

The appointment, under section 1(1)(b) or 2(1), of a new trustee operates as a general conveyance of the trust property in favour of the new trustee.

3

The appointment of a trustee, on the application under section 66 of an ex officio trustee, operates as a general conveyance of the trust property—

a

in favour, jointly, of the appointed trustee and the existing trustees (other than the applicant), or

b

if there are no existing trustees (other than the applicant), in favour of the appointed trustee.

4

This section applies—

a

irrespective of when the trust was created, but

b

only as respects an assumption which takes place, or an appointment which is made, after the section comes into force.